ECON1301 Lesson 1 – Flashcards
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____________ for citizens is a goal of economics within capitalism.
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Freedom
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Critical reasoning in economics is the ability to analyze the ________ process logically and evaluate the outcomes (costs and benefits) expected from alternative courses of action.
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allocation
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In the Resource (or Factor) Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Profits.
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Entrepreneurship
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The "marginal utility" of choosing to go to a particular concert is the ____________ benefit (satisfaction or pleasure) that is gained.
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additional
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The concept of scarcity implies that we have _________ amount of all resources (or assets) compared to our desire to have more of everything which they can provide.
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a limited
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Economics is the study of the _______ that we make in the allocation of scarce resources.
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choices
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The balance of trade is the difference between the monetary cost of the ______________ that a nation exports and the monetary cost of what it imports.
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goods services ***a and b****<<<ANSWER none of the above
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Ecological balance is the goal that assumes _______________ can achieve balanced economic conditions while maintaining a sustainable, living, planet.
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the global economy
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Growth and Stability are _________________ economic goals.
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conflicting
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An individual's reasons for studying economics include being able to improve one's critical reasoning skills toward understanding social systems and improving one's overall ______________.
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mental capacities
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In the Product Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Goods and Services.
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Consumption Speedy
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Anytime we receive a(n) _________ from the allocation of a resource, it comes at a cost because we could have allocated that resource toward a different opportunity.
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benefit
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The actual goal of _______________ is to have an optimum (balanced) level of employment which will be discussed in a later lesson.
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Full Employment
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Economists emphasize the importance of changing only one variable at a time. This is called _______________ .
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ceteris paribus
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The goals of Macroeconomics relate to the ______________ to achieve a balanced higher standard of living for a nation.
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optimization of resource allocation
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The statement, "The government should choose a policy to create a lower rate of inflation", is a __________ statement.
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Normative Economic
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In choosing whether or not to go to a particular concert ... if the marginal cost is greater than the marginal benefit (marginal utility) gained, then it would be "rational" _________ to the concert.
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to go to not go**<<<ANSWER none of the above all the above
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Inflation is when more money is paid for the same amount of ___________ than in a previous time period.
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gasoline services goods b. and c.<<<<<ANSWER
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A real cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the "opportunity cost" (lost wages or maybe extra sleep). Every activity we undertake requires us to ________ pursue other opportunities.
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not also*************************** none of the above all of the above
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Macroeconomics analyzes how we choose to use our resources on an aggregate (national) level and includes measures of performance such as _________________ .
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both b. and c. below**************** inflation unemployment consumer utility patterns
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The goal of "Growth" is to increase the ___________ (adjusted to not include inflation) value of GDP in an economy.
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nominal fantasy real************** FIFO
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Stability is the goal of economics seeking to ______________ so that an economy does not experience high inflation.
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allocate resources************************* avoid too much endorphin avoid too little adrenaline have the right amount of oxytocin
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The description of an economy by stating "opinions" is called _______________ .
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normative economics
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Economists are social scientists who seek to __________ the allocation of scarce resources with a goal of bringing at least "basic satisfaction" to all members of a society.
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optimize , that is "balance"
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"Allocation" is concerned with how we choose to use our scarce resources on ___________________.
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an unlimited number of projects
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________________ analyzes how we choose to use our resources on an aggregate (national)level and includes measures of performance such as inflation, unemployment, and federal government expenditures.
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Norm
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Over a reasonable period of time a nation must choose to balance its trade ____________ in order to prosper.
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within its own borders
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The "marginal utility" of choosing to go to a particular concert is the ____________ benefit (satisfaction or pleasure) that is gained.
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total
